Community Chat

[SharkE]

poof

[ROMARY]

What's wrong with people?  Surely he had to know that he would be eventually caught.  Or, maybe not.  Just maybe his arrogance over-took his common sense.

[MaggieMack]

Of course this theft impacted the ultimate cost of items QVC sells. Which are the items we buy. Probably not too noticeable to us, but it's in there. What gets me is that how a company this large doesn't have multiple layers of safeguards against employee embezzlement. Would like to be a fly on the wall at the next board meeting!

[KingstonsMom]

@MaggieMack

So true!

I remember years ago during one of the big jewelry shows, LR mentioned the fact that they had guards standing around the set, to make sure everything was accounted for after the shows.

Just like you'd think a multi-billion $$$ organization that sells in multiple countries, would have the most jam-up IT Team that money could buy......but they don't.

[Buck-i-Nana]

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@MaggieMack wrote:

Of course this theft impacted the ultimate cost of items QVC sells. Which are the items we buy. Probably not too noticeable to us, but it's in there. What gets me is that how a company this large doesn't have multiple layers of safeguards against employee embezzlement. Would like to be a fly on the wall at the next board meeting!

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You don't know that they didn't, and that this guy was able to circumvent all the safe-guards.  It's just like anything else, it's constantly evolving.  Whether it's this type of crime or cyber theft and computer viruses, the criminals view it as a profitable challenge and the protection fails now and then until the new threat is identified and the protection efforts reworked to meet the new threats.

[MaggieMack]

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@Buck-i-Nana wrote:

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@MaggieMack wrote:

Of course this theft impacted the ultimate cost of items QVC sells. Which are the items we buy. Probably not too noticeable to us, but it's in there. What gets me is that how a company this large doesn't have multiple layers of safeguards against employee embezzlement. Would like to be a fly on the wall at the next board meeting!

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You don't know that they didn't, and that this guy was able to circumvent all the safe-guards.  It's just like anything else, it's constantly evolving.  Whether it's this type of crime or cyber theft and computer viruses, the criminals view it as a profitable challenge and the protection fails now and then until the new threat is identified and the protection efforts reworked to meet the new threats.

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Well, of course, nobody KNOWS yet, the auditors will untangle it. My best guess is that this will turn out to be one of those things, a cult of personality, where everybody liked this guy. It happened in a company where I worked directly under a guy who ultimately stole around $10M. I tried to warn the board that something was going on, all docs, and NOone wanted to listen to me because he was so well liked. So I quit. Fourteen years later, he was still there, embezzling his little heart out, when a sharp bank teller thought something was fishy. Turned him in to the FBI since it involved Medicare $$$. He eventually pled guilty, had to repay $5M, and got sentenced to a cushy federal prison for only three years. It was one of the circumstances in my life that confirmed my belief in karma, and proved that the wheels of justice do turn, albeit ever so slowly.

[millieshops]

I do not click on links, so I thank all who explained how misleading this post is.

[Ladybug724]

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@Jackaranda wrote:

The OP took the time to post a new topic. Which everyone complains that it is the stale old topics over and over again. She stated the topic her way and I was intrigued to open it. Nit picking can keep posters away also.

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And now it's fun again!!!  Yay!!!